August 1 - Tidbit of the Day

A good editorial from a doom and gloomer, but one that has been right for the past 2 years.

The best paragraph is:

The recently passed "cash for clunkers" program (currently on-hold, as it ran out of funding in one week) is a perfect example of how government policy can make the economy worse. By incentivizing Americans to destroy fully paid-for cars so they can go deeper into debt buying brand new ones, the government weakens an already crippled economy. The last thing we want to do is subsidize Americans to go deeper into debt by buying more stuff. Don't they realize that is precisely the behavior that got us into this mess?

http://www.321gold.com/editorials/schiff/schiff080109.html